MID PENN BANCORP Reports Officer/Director Changes, Comp Arrangements
Ticker: MPB · Form: 8-K · Filed: Jan 8, 2024 · CIK: 879635
| Field | Detail |
|---|---|
| Company | Mid Penn Bancorp INC (MPB) |
| Form Type | 8-K |
| Filed Date | Jan 8, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1.00, $120,000 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: executive-changes, compensation, corporate-governance
TL;DR
**MID PENN BANCORP filed an 8-K on Jan 8, 2024, signaling executive changes or new compensation plans.**
AI Summary
MID PENN BANCORP, INC. filed an 8-K on January 8, 2024, to report an event related to the departure or election of directors or officers, and compensatory arrangements for certain officers. This filing, under Item 5.02, indicates changes in leadership or executive compensation, which can impact the company's strategic direction and financial performance. For investors, understanding these changes is crucial as they can signal shifts in corporate governance or future operational strategies, potentially affecting stock valuation.
Why It Matters
Changes in executive leadership or compensation can signal strategic shifts or impact investor confidence, directly influencing the company's future performance and stock price.
Risk Assessment
Risk Level: medium — Changes in leadership or compensation can introduce uncertainty regarding future company direction and stability, posing a medium risk to investors.
Analyst Insight
Investors should monitor subsequent filings or company announcements for specific details regarding the executive changes or compensation arrangements to assess their potential impact on the company's future strategy and financial health.
Key Players & Entities
- MID PENN BANCORP, INC. (company) — the registrant filing the 8-K
- January 8, 2024 (date) — date of earliest event reported
- Item 5.02 (other) — the specific item under which the 8-K was filed, pertaining to departure/election of directors/officers and compensatory arrangements
FAQ
What was the specific date of the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 8, 2024.
Under which item of Form 8-K was this filing made?
This filing was made under Item 5.02, which covers 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers'.
What is the trading symbol for MID PENN BANCORP, INC. common stock?
The trading symbol for MID PENN BANCORP, INC. common stock is MPB.
On which exchange is MID PENN BANCORP, INC. common stock registered?
MID PENN BANCORP, INC. common stock is registered on The NASDAQ Stock Market LLC.
What is the state of incorporation for MID PENN BANCORP, INC.?
MID PENN BANCORP, INC. is incorporated in Pennsylvania.
Filing Stats: 775 words · 3 min read · ~3 pages · Grade level 11.2 · Accepted 2024-01-08 06:58:28
Key Financial Figures
- $1.00 — nge on which registered Common Stock, $1.00 par value per share MPB The NASDAQ
- $120,000 — . Webb earned compensation in excess of $120,000 in 2023, and received retirement, healt
Filing Documents
- d109208d8k.htm (8-K) — 25KB
- 0001193125-24-003852.txt ( ) — 141KB
- mpb-20240108.xsd (EX-101.SCH) — 3KB
- mpb-20240108_lab.xml (EX-101.LAB) — 17KB
- mpb-20240108_pre.xml (EX-101.PRE) — 11KB
- d109208d8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of Chief Financial Officer On January 8, 2024, Mid Penn Bancorp, Inc. (the "Company") announced the appointment of Justin T. Webb, the Company's Senior Executive Vice President and Chief Operating Officer having over two decades of banking experience, to the position of Senior Executive Vice President and Chief Financial Officer. Mr. Webb, 40, joined Mid Penn Bank in 2012 as Chief Credit Officer, subsequently serving as Chief Risk Officer from 2014 to 2018, and then serving as Senior Executive Vice President and Chief Operating Officer. As Chief Operating Officer, Mr. Webb was in charge of overseeing the Bank's administration, operations, credit, security/facilities groups, as well as the Bank's acquisition transitions. In his current role as Chief Financial Officer, Mr. Webb is responsible for the overall financial management of the Company, including accounting operations, interest rate risk, liquidity, financial planning, and mergers and acquisitions. He also serves as the financial advisor to the Chief Executive Officer and Board of Directors. Prior to joining Mid Penn Bank, Mr. Webb was employed by Bank of America and served as Vice President and Credit Risk Manager for the Commercial Real Estate Bank. Mr. Webb holds a Bachelor's Degree in Finance from the University of Pittsburgh and serves on the Board of the University of Pittsburgh Business Alumni Association. Mr. Webb is a party to an employment agreement, change in control agreement and supplemental executive retirement plan agreement, each of which is described in the Company's definitive proxy statement for the 2023 Annual Meeting of Shareholders, as filed with the Securities and Exchange Commission on March 24, 2023, and a copy of which is attached to the Company's Annual Report on Form 10-K for the year ended December 31, 202
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MID PENN BANCORP, INC. Date: January 8, 2024 /s/ Rory G. Ritrievi Rory G. Ritrievi President and Chief Executive Officer